An additional 25 percent tariff has been added to the previously announced 25 percent.
Tiffany’s Q2 Sales Down 4% in the Americas
Worldwide sales dipped 3 percent with unrest in Hong Kong weighing on the jeweler’s performance.

New York—Tiffany & Co. reported a dip in sales in the Americas and worldwide in the second quarter, with the jeweler citing weak spending among tourists and locals and unrest in Hong Kong as the reasons.
Net sales in the second quarter fell 3 percent to $1.05 billion, compared with $1.08 billion in the previous second quarter.
Worldwide same-stores sales were down 4 percent.
In a company press release, CEO Alessandro Bogliolo said the quarter was “mixed,” noting “weak demand from foreign tourists, currency exchange rate pressures, and continuing business disruptions in Hong Kong.”
“We are actively managing what is in our control and positioning our brand to win, accelerating new product introductions and keeping a visible profile,” he said.
Gross profit fell about 5 percent to $657.7 million, or about 63 percent of sales, compared with $688.8 million, or 64 percent of sales, a year ago.
A lower gross margin was attributed to an increase in high jewelry sales.
Net sales in the Americas, where the most Tiffany stores are located, were down 4 percent to $455 million due in part to a dip in sales from both local and foreign customers. Same-store sales in the region also fell 4 percent.
European sales fell 4 percent to $116 million while same-store sales were down 6 percent. The company pointed to foreign currency translation and “broad-based regional softness.”
Asia-Pacific sales slipped 1 percent to $298 million, which the company attributed to foreign currency translation as well as the opening of new stores and increased wholesale sales.
Same-store sales were down 3 percent.
In Hong Kong, unrest led to six days of unplanned store closures, said Chief Financial Officer Mark Erceg on Wednesday morning’s earnings call.
Hong Kong is the company’s fourth-largest market and “critically important,” he said, accounting for a mid-single-digit percentage of total sales.
Erceg warned that if the ongoing unrest continues at its current state, Tiffany’s full-year sales and EPS (earnings per share) could come in at the lower end of its guidance range.
“If the situation were to deteriorate even further, or if the current level of unrest is maintained for the balance of the fiscal year, we may find ourselves toward the bottom end of our ranges,” he said.
CEO Bogliolo dedicated several minutes of the earnings call to outlining what the company is doing to boost its presence and sales in the Chinese market.
He said the retailer is focusing on and investing in mainland China.
Tiffany

In an effort to reach Chinese travelers, the company is expanding its airport store presence with a duty-free store in the Beijing airport and is upgrading its Hong Kong airport store to a full-size duty-free store.
Tiffany also is planning consumer-facing events to show off its diamonds, including its “Vision & Virtuosity” exhibition opening in Shanghai in September.
In Japan, second quarter sales were unchanged, totaling $155 million, while same-store sales were down 1 percent.
Sales from the “other” segment, which includes five Tiffany stores in the United Arab Emirates, fell 29 percent to $25 million as wholesale diamond sales grew.
Breaking it down by category, sales from Tiffany’s jewelry collections, which includes lines like “Tiffany T” and “Paper Flowers,” were unchanged.
Engagement jewelry sales fell 3 percent while sales of jewelry from designers such as Elsa Peretti, Paloma Picasso and Tiffany & Co. Schlumberger dropped 10 percent.
Bogliolo said the company plans to “properly refresh our product assortment,” by fiscal 2021.
A colorful “Tiffany T” collection has been introduced in select stores as well as its recently launched men’s jewelry line. A new fragrance launch is in the works as well, he said.
The company plans to introduce more gold jewelry, with and without diamonds, and diamond jewelry to increase its average unit selling price, said Erceg.
He noted that the company was “gradually” moving into offering higher-price-point jewelry by “focusing on and growing gold and diamond jewelry collections and high jewelry at a faster pace than engagement and silver jewelry.”
He added that Tiffany’s website has been reframed to reflect this shift, showcasing its gold and diamond jewelry more prominently.
The engagement and silver jewelry segments are still expected to grow, said Erceg, but at a slower rate.
As of July 31, there were 322 Tiffany stores in operation, including 124 in the Americas, compared with 320 a year ago.
Looking ahead, Tiffany expects worldwide net sales to increase by a low-single-digital percentage over the previous year.
The Latest

The jewelry and accessories retailer said its stores will remain open during the proceedings.

Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Designer Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.


She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.

Omar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.

Lilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.

The organization has awarded a total of $42,000 through its scholarship programs this year.

The winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.

As summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.

Moshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.

Xavier Dibbrell brings more than a decade of experience to the role.

The addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.

The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.

The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.

The necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.

The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.

Jewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.

Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.

The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.

Its opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.

Respondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”

“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.

Senior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.